Indio Technologies, a US-based digital insurance software developer backed by insurance provider Hiscox, landed $20m yesterday in a series B round led by venture capital firm Menlo Ventures.
Fellow VC firm 8VC also participated in the round having previously led a $6m series A round for the company in February 2018 that also featured Menlo Ventures, Compound and Merus Capital.
Founded in 2016, Indio has built a workflow management platform that enables insurance brokers to automate and digitise their operations in addition to the insurance application process itself.
More than 250 insurance brokerages use the platform each month, with more than 30 of the top 100 US-based insurance brokerages among its customer roster.
The company said it plans to build out its platform to connect more closely with insurance carriers, enabling brokerages to work with underwriters and improve the speed of receiving quotes.
Indio had initially secured $2m in a 2016 seed round backed by Hiscox, Compound, Merus Capital, 500 Startups and New Enterprise Associates. It has now raised more than $30m altogether, the company said.
Mike Furlong, co-founder and chief executive of Indio, said: “Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage.
“We moved that entire process to a secure online platform that reduces steps, entirely eliminates data duplication, and improves the experience for both the business and the insurance broker.”